Emerging market economies are heading for an economic implosion. From South America to South Asia conditions are deteriorating rapidly and heading for an even more severe economic crisis in which many are already mired. At the head of this list is Brazil and Argentina. Others increasingly fragile, however, include Turkey, Indonesia, Malaysia, and even India, which has covered up its weak economic condition, and massive non-performing bank loan problem, by manipulating its GDP to falsely exaggerate its growth rate.

Business pundits, and even some commentators on the ‘left’, argue that emerging market economies, of which all the above are key members, now account for more than half of the world’s GDP. This suggests their vulnerability to US and G7 economies is less than it has been in the past. The so-called advanced economies–i.e. the USA, Japan, Canada, UK, France, Germany, Italy (the ‘G7–are increasingly irrelevant. But global GDP numbers are…